In commodity markets, spot gold was a whisker lower at $1,274.30 an ounce.Oil prices remained subdued with Brent having settled at its lowest since November 29, the eve of an OPEC production cut deal.US crude futures edged up 2 cents to $45.66 a barrel, with Brent crude up 4 cents at $47.90.
With more than 600 seats to be called, it's still possible that Conservatives can cling onto their majority.
Mrs May - who had a small majority in the previous parliament - called an early election to try to improve her negotiation positions on Brexit.
The results are in and we have a hung parliament - but what exactly does that mean?
When was the last hung parliament?
Early results showed a large swing to Labour but left the outcome in doubt, with the BBC forecasting the Conservatives could hold 322 seats.A reshuffle was always expected after the election, but senior Conservatives are now likely to push for changes to her inner circle - as well as greater say over policy.
Analyst Kit Juckes at Societe Generale meanwhile tells us that the his expectations for the GBP/EUR on initial signs of a hung parliament would be for a fall to 1.11.
"Brexit negotiations should start when U.K.is ready; timetable and European Union positions are clear", Michel Barnier, the EU's chief negotiator, said in a Twitter posting.
The UK is reliant on the inflow of foreign investor capital to keep the value of Sterling elevated and its economy oiled.
UniCredit Bank point out that during the years of the Eurozone debt crisis (2010 to 2012) the United Kingdom experienced a surge of portfolio inflows as growth was firming and the economy was perceived to be a safe haven amongst G10 countries.
"The reactions have been concentrated in the currency market so far", said IG analyst Pan Jingyi.
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However, Justice Edson Fachin, who approved the written interrogation, said Temer was not obliged to answer them all. Brazilian media say the questions focus on a conversation between Temer and one of the owners of meatpacker JBS.
The pound fell as low as $1.2636 from $1.2955 on Thursday, before recovering slightly to trade at $1.2737.
Pre-election rate spreads suggested that Pound Sterling was actually looking expensive against the Euro. But even that arrangement seemed shaky. "Both short-term and medium-term GBP's prospects appear daunting to us".
If confirmed, the result would lead to a period of political uncertainty and could throw Britain's negotiations to leave the European Union into disarray.
When May replaced David Cameron after the Brexit vote previous year, she presented herself as a steady hand on the tiller as Britain headed into unchartered waters.
Deutsche Bank have also identified a coalition government as being positive for the Pound.
When May called the election in April, she did so with the Conservatives riding high in the polls, and the pound had surged on expectations that a big majority for the Conservatives would allow her to quell the so-called euroskeptics in her parliamentary ranks. This is because Labour, the Liberal Democrats, Greens and SNP have ruled out working in with the Tories.
Constituencies won't announce official results until the early hours of Friday morning, with many key swing seats finishing their counts around 4am.
"I think the market is taking less of an alarmist review of this situation because there is no smoking gun here", said Jefferies & Co money market economist Thomas Simons.
Once again, it seems as if the British public has chose to surprise everyone.
Beauchamp says it is also interesting is the low total for the SNP, which will make life hard for Labour in forming a coalition with them and the Lib Dems.
May, who went into the election with a reputation for quiet competence, was criticized for a lackluster campaigning style and for a plan to force elderly people to pay more for their care, a proposal her opponents dubbed the "dementia tax".
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